A
vacation rental is a house, apartment or a resort rented on a temporary basis
to tourists as an alternative to a hotel. The term vacation rental is used
mainly in North America, whereas in Europe it is known as a villa holiday or
villa rental. They are also referred as holiday lettings, bed and breakfast,
homestays, and gites. Vacation rental software enables house/property managers
to manage leads, cash flows, distribution channels and partners or distribution
channels.

It
also offers an efficient point of sale system, efficient documentation system
to property managers and increases automation in vendor payables system. The
lead management functionality generates the price quote automatically according
to the requirements of the customer. Furthermore, it also assists sales
managers to create personalized quotes in less time and thus eliminates the
hassle of manual price calculation. The vacation rental software contains
reporting suite which enables the renting entity to evaluate the financial
performance of the rented property. Renting entity refers to the property owner
organization, property manager or the property owner.

As
the Internet penetration is increasing tremendously, the renting entities are
moving to online platform. The vacation rental software enables the renting
entity in building adaptive/responsive websites which provides optimized
viewing experience independent of the type of devices (smartphone, personal
computers or tablets) being accessed with. This supports the growth of the
vacation rental software market.

With
the support of rental software, organizations can enhance automation in their
regular processes such as vendor payment, partner management and bulk mail
system, driving the growth of the vacation rental software market. The rising
awareness about vacation rental homes through travel websites such as
tripadvisor.com and airbnb.com has also generated a demand of vacation rental
software to manage the customers and their details such as check-in time,
check-out time and their invoice.

The
vacation rental software can be easily integrated with the travel websites,
thus reducing the hassle of deploying different software for different
websites. The rising complexities in vacation rental business such as payment
processes, check-in & check-out processes, and customer management are
expected to create ample opportunities for the vacation rental software market.

However,
the absence of pricing regulations for vacation rentals and fierce competition
by hotels is expected to provide hurdles in the adoption of vacation rentals by
the tourists. This is further anticipated to curb the growth rate of vacation
rental software market.

Vacation Rental Software Market:
Segmentation

Vacation
rental software market is broadly segmented on the basis of deployment type,
end-users and geography. On the basis of deployment type, global vacation
rental software market is segmented into on premise and cloud deployment. On
the basis of end-users, the global vacation rental software market is further
segmented into vacation rental owners, property managers, innkeepers, bed &
breakfast (B&B) and vacation rental property agency.

Moreover,
in terms of geography, the global vacation rental software market is segmented
into North America, Europe, Asia-Pacific, Middle East & Africa (MEA) and
Latin America region. Europe and North America lead in deployment of vacation
rental software due to presence of world famous tourist destinations in the
region such as California (the U.S.), Miami (the U.S.), Paris (Europe) and
Switzerland (Europe). Asia Pacific is anticipated to be the fastest growing
region owing to a large number of vacation rentals present in tourist
destinations such as Maldives, Bangkok and Indonesia.

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